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CHINA SERVICES SECTOR PICKS UP STEAM IN NOVEMBER - CAIXIN



The services sector in China continued to expand in November, and at a faster rate, the latest survey from Caixin showed on Thursday with a services PMI score of 57.8.
That's up from 56.8 in October, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
Individually, there was a substantial rise in business activity amid the quickest increase in new work since 2010.
Employment growth was also at its strongest in 10 years, as were input costs. The survey also showed that its composite index improved to 57.5 in November from 55.7 in October.

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INDIA'S CENTRAL BANK LEAVES KEY RATES UNCHANGED



India's central bank left its key interest rates unchanged as widely expected as inflation remains elevated.
The Monetary Policy Committee, led by Governor Shaktikanta Das, voted unanimously to hold the policy repo rate at 4.00 percent. The reverse repo rate was retained at 3.35 percent.
The Marginal Standing Facility or MSF rate, and the Bank rate remained unchanged at 4.25 percent.
The last change in the benchmark rate was a 40 basis point cut in May, taking the cumulative reduction to 250 basis points since February 2019.
Das said the bank will continue with accommodative policy stance as long as necessary, at least for the current financial year and into the next year.
The bank projected real GDP to fall 7.5 percent in the financial year 2021-21. Das said inflation is likely to remain elevated. This constrains monetary policy at the current juncture.

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CHINA EXPORTS SURGE IN NOVEMBER



China's exports surged in November driven by robust global demand, data from the General Administration of Customs showed on Monday.
Exports advanced 21.1 percent year-on-year in November, much bigger than the economists' forecast of 12 percent.
At the same time, imports grew moderately by 4.5 percent annually, which was also faster than the 6.1 percent increase expected by economists.
As a result, the trade surplus increased to $75.4 billion in November. Economists had forecast the surplus to fall to $53.5 billion from $58.44 billion in the previous month.

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AUSTRALIA TOTAL DWELLING APPROVALS +3.8% ON MONTH IN OCTOBER



The total number of building permits issued in October was up a seasonally adjusted 3.8 percent on month in October, the Australian Bureau of Statistics said on Tuesday - standing at 16,584.
Permits for private sector house increased 3.1 percent on month to 10,692, while permits for private sector dwellings excluding houses jumped 6.2 percent to 5,529.
On a yearly basis, overall permits rose 14.3 percent, private sector houses surged 31.7 percent and private sector dwellings excluding houses dropped 10.6 percent.
The value of total building approved rose 26.1 percent on month in October. Non-residential building drove the increase, rising 58.6 percent, having fallen 35.4 percent in September. The value of total residential building increased 9.4 percent in October.

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EUROPEAN ECONOMICS PREVIEW: GERMANY'S FOREIGN TRADE DATA DUE



Foreign trade data from Germany is due on Wednesday, headlining a light day for the European economic news.
At 2.00 am ET, Destatis is scheduled to issue Germany's foreign trade figures for October. Exports are forecast to climb 1.2 percent on month, slower than September's 2.3 percent increase. Meanwhile, imports are expected to rise 1 percent, reversing a 0.1 percent fall.
At 3.00 am ET, Spain's INE releases industrial production data for October. Economists expect the production to fall 2.6 percent on year, following a 3.4 percent decrease in September.
In the meantime, foreign trade from Austria, Slovakia and Hungary are due. Slovakia's trade surplus is seen at EUR 724.8 million in October versus EUR 707.9 million a month ago.

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PHILIPPINES OCTOBER TRADE DEFICIT $1,776 BILLION



The Philippines posted a merchandise trade deficit of $1.776 billion in October, the statistics office said on Thursday.
That follows the $1.707 billion shortfall in the previous month.
Exports were down 2.2 percent on year after rising 2.2 percent in September.
Imports plummeted an annual 19.5 percent after slipping 16.5 percent a month earlier.

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NEW ZEALAND FOOD PRICES FALL AS BORDER RESTRICTIONS DAMPEN EXPORTS



New Zealand food prices declined in November as the Covid-19 restrictions reduced exports, Stats NZ said Friday.
Food prices fell 0.9 percent month-on-month in November, bigger than the 0.7 percent drop posted in October.
Rising air freight costs since the coronavirus border closures has made exporting products much more expensive. Moreover, shortage of international workers in the fruit picking industry has meant that growers cannot pick their fields fast enough, data revealed.
"With less exports there is more supply available for domestic consumption, causing lower prices," consumer prices manager Katrina Dewbery said.
"Prices are lower than we typically see for a November month with December generally being when they are cheapest. Some people may be seeing even cheaper prices during the first half of December," Dewbery said.
Despite a sharp 43 percent decrease in strawberry prices, fruit prices advanced 5.2 percent, while vegetable prices dropped 9.9 percent.

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EUROPEAN ECONOMICS PREVIEW: EUROZONE INDUSTRIAL PRODUCTION DATA DUE



Industrial production data from euro area is due on Monday, headlining a light day for the European economic news.
At 2.00 am ET, Destatis is scheduled to release Germany's wholesale price figures for November. Economists forecast wholesale prices to rise 0.2 percent on month, in contrast to a 0.2 percent fall in October.
In the meantime, industrial production and retail sales reports are due from Turkey. Production is seen climbing 9 percent annually in October, faster than the 8.1 percent rise in September.
At 3.00 am ET, consumer price figures are due from Slovakia. Inflation is forecast to rise to 1.5 percent in November from 1.6 percent in October.
At 5.00 am ET, Eurostat is set to publish euro area industrial production data for October. Economists expect output to grow 2 percent on month, reversing a 0.4 percent fall in September.
At 6.00 am ET, Germany's central bank is slated to release its monthly report.

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CHINA DATA DUE ON TUESDAY



China is scheduled to release a batch of data on Tuesday, setting the pace for a busy day in Asia-Pacific economic activity. On tap are November numbers for industrial production, retail sales, fixed asset investment and unemployment.
In October, industrial production was up 6.9 percent on year, while retail sales were up 4.3 percent, fixed asset investment gained 1.8 percent and the jobless rate was at 5.3 percent.
The Reserve Bank of Australia will release the minutes from its December 1 monetary policy meeting. At the meeting, the board voted to maintained its key benchmark lending rate at the record low of 0.10 percent and likely will keep it there for at least three more years.
Indonesia will see November trade data and Q3 business confidence figures. In October, imports plummeted 26.93 percent on year and exports fell an annual 3.29 percent for a trade surplus of $3.61 billion. In Q2, the business confidence index came in with a score of 102.90.

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AUSTRALIA LEADING INDEX LOGS RECORD GROWTH IN NOVEMBER



Australia's leading index registered its strongest growth in the survey history in November signaling above trend growth, data from Westpac showed on Wednesday.
The six-month annualized growth rate in the Westpac Melbourne Institute leading index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, rose to 4.38 percent in November from 3.77 percent in October.
The leading index growth rate has climbed an extraordinary 8.79 percentage points since June.
The Reserve Bank Board next meets on February 2. Bill Evans, chief economist at Westpac expects the central bank to introduce a second A$100 billion program following the expiry of the first one in late April/ early May.

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SINGAPORE NODX SLIDE IN NOVEMBER



Non-oil domestic exports in Singapore dropped 4.9 percent on year in November, Enterprise Singapore said on Thursday - missing forecasts for a gain of 2.0 percent following the 3.1 percent drop in October.
On a monthly basis, NODX slid 3.8 percent - again shy of expectations for a gain of 6.2 percent following the 5.4 percent decline in the previous month.
The decline was mainly due to decreases among petrochemicals, pharmaceuticals, non-monetary gold and electronics.
NODX to the top 10 markets as a whole decreased in November, although exports to the United States, Japan, Taiwan, Malaysia, Thailand and Hong Kong increased.

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YEN LITTLE CHANGED AFTER BOJ DECISION



As expected, the Bank of Japan kept its interest rate unchanged at -0.1 percent and maintained the purchase of government bonds so that the 10-year JGB yield remained at zero percent. The bank extended the duration of additional purchases of corporate debt and the COVID-19 corporate funding support program by six months.

After the decision, the yen changed little against its major rivals.

The yen was trading at 103.41 against the greenback, 116.87 against the franc, 126.65 against the euro and 139.95 against the pound around 11:00 pm ET.

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NEW ZEALAND CREDIT CARD SPENDING DATA DUE ON MONDAY



New Zealand will on Monday release November numbers for credit card spending, highlighting a modest day for Asia-Pacific economic activity. In October, card spending was down 6.3 percent on year.

Taiwan will see November numbers for export orders, with forecasts suggesting an increase of 13.4 percent on year after rising an annual 9.1 percent in October.

China will provide December prime rate numbers for one- and five-year loans. The one year is expected to hold steady at 3.85 percent, and five-year is tipped to be unchanged at 4.65 percent.

Hong Kong will release November inflation data; in October, consumer prices were down 0.2 percent on year.

The Philippines will provide October numbers for producer prices; in September, prices were down 3.9 percent on year.

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EUROPEAN ECONOMICS PREVIEW: UK GDP DATA DUE



Quarterly national accounts and public sector finances from the UK are due on Tuesday, headlining a light day for the European economic news.

At 2.00 am ET, the Office for National Statistics publishes UK GDP and public sector net borrowing figures for November. GDP is forecast to expand 15.5 percent sequentially in the third quarter, as initially estimated.

The budget deficit is forecast to widen to GBP 27.3 billion in November from GBP 21.58 billion in October.

In the meantime, Germany's Gfk consumer confidence survey results are due. The forward-looking consumer confidence index is seen at -8.8 in January versus -6.7 in December. At 3.00 am ET, the National Institute of Economic Research is set to publish Sweden's economic tendency survey results.

Half an hour later, Statistics Sweden releases producer prices and retail sales for November.

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UK CAR PRODUCTION DECLINES IN NOVEMBER: SMMT



UK car production declined in November, data released by the Society of Motor Manufacturers and Traders, or SMMT, showed Wednesday.

Car manufacturing decreased 1.4 percent annually to 106,243 units in November.

Output for domestic markets dropped 10.4 percent, while that for exports gained marginally by 0.3 percent.

The annual decline in production masks a particularly weak November 2019 when precautionary factory shutdowns in anticipation of a potential 'no deal' Brexit on October 31, depressed output.

Year-to-date production was down -31.0 percent with 380,809 fewer cars manufactured in 2020. This puts the industry on course to produce fewer than a million cars this year for only the second time since the early eighties, the lobby noted.

Around 85 percent of cars built in November were manufactured for exports, highlighting the critical importance of free and fair trade with global markets to UK car makers.

Yet another decline for UK car production is of course concerning, but not nearly as concerning as the New Year nightmare facing the automotive industry if we do not get a Brexit deal that works for the sector, Mike Hawes, SMMT chief executive, said.

"With just nine days to go, the threat of 'no deal' is palpable and the sector, now also reeling from the latest coronavirus resurgence, Tier 4 showroom lockdowns and disruption at critical UK ports, needs more than ever the tariff-free trading arrangements on which our competitiveness is founded, Hawes added.

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JAPAN SERVICES PPI FALLS FOR SECOND MONTH



Japan's services producer prices declined for the second straight month in November, the Bank of Japan said Thursday.

The services producer price index dropped 0.6 percent annually, following a 0.5 percent decrease a month ago.

On a monthly basis, services producer price inflation eased to 0.1 percent from 0.2 percent in October.

Excluding international transportation, services producer prices were down 0.4 percent versus a 0.3 percent fall in the previous month. Month-on-month, prices gained 0.2 percent, the same rate as posted in October.

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JAPAN'S HOUSING STARTS FALL AT SLOWER PACE



Japan's housing starts continued to decline in November albeit at a slower pace, data from the Ministry of Land, Infrastructure, Transport and Tourism showed on Friday.

Housing starts were down 3.7 percent on year, following October's 8.3 percent decline. This was also better than the expected decrease of 4.9 percent.

Annualized housing starts rose to 820,000 in November from 802,000 in the previous month.

Further, data showed that construction orders received by the big 50 contractors decreased 4.7 percent on a yearly basis, bigger than the 0.1 percent fall posted in October.

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JAPAN INDUSTRIAL PRODUCTION FLAT ON MONTH IN NOVEMBER



Industrial production in Japan was unchanged on a seasonally adjusted basis in November, the Ministry of Economy, Trade and Industry said on Monday.

That missed expectations for an increase of 1.2 percent following the 4.0 percent gain in October.

On a yearly basis, industrial production sank 3.4 percent, matching forecasts following the 3.0 percent drop in the previous month.

Upon the release of the data, the METI maintained its assessment of industrial production, saying that it is picking up.

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SINGAPORE TRADE DATA DUE ON TUESDAY



Singapore will on Tuesday release November numbers for imports, exports and trade balance, highlighting a light day for Asia-Pacific economic activity.

In October, imports were down 7.6 percent on year and exports sank an annual 8.0 percent, while producer prices tumbled 9.6 percent on year.

The Philippines will see November figures for producer prices; in October, prices were down 3.3 percent on year.

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SOUTH KOREA RETAIL SALES SINK 1.0% IN NOVEMBER



The value of retail sales in South Korea was down a seasonally adjusted 1.0 percent on month in November, Statistics Korea said on Wednesday.

That follows the 0.9 percent contraction in the previous month.

On a yearly basis, retail sales skidded 1.5 percent after dropping 0.2 percent a month earlier.

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